Pravets has a population of 4,512 people. Mountains surround it, which allows for a mild climate with rare winds. In the outskirts there is a small lake used for fishing and recreation. The town is the birthplace of Bulgaria's longtime communist President Todor Zhivkov. The first microprocessor factory in Bulgaria was situated in Pravets. These computers, which were also the first in Bulgaria, were named Pravets-82.

Today, the town is most famous for its Computers and technology systems high school, as the location of City University and the RIU golf resort complex. There is also a language high school by the name of Aleko Konstantinov. It prepares many students who continue their undergraduate education in Bulgaria, England, the USA, Germany, and France. The Professional Computing and Technology Systems high school is one of two technical schools in Bulgaria, which prepares students for the Technical University in Sofia, Bulgaria and allows for direct admission to the University to its top students.

During the school year, the town is filled with students from different towns and villages.